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Mortgage Market Update
My Mortgage Company
Carlos Scarpero
Wednesday, October 28, 2026
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Has your home gained value since you bought it? |
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Hi there. This week I want to touch on something a lot of homeowners overlook—and it could make a real difference in your finances.
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National Mortgage Rates · October 27, 2026
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Conventional 30-Year
7.22%
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Source: Optimal Blue daily mortgage indices via FRED
Rates shown are national mortgage index rates and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Equity & Refinancing
What your home's value means for your wallet
If you've owned your home for a few years, there's a good chance you've built equity—the difference between what your home is worth and what you still owe on your mortgage. That equity isn't just a number on paper. It can be a real financial tool. Some homeowners tap into their equity through refinancing or a home equity line of credit when rates or their financial situation shift. Others leave it alone and focus on paying down their loan. Both are smart moves depending on your goals. The key is knowing what you have and understanding your options. If you're curious whether your equity could work for you—whether that's lowering your monthly payment, funding a project, or something else—I'd love to walk through what makes sense for your situation. Let's talk about whether your home's equity could help you reach your goals.
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Tip of the Week
Test your sump pump before the rainy season by pouring water into the pit — a failed pump can lead to serious basement flooding.
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Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
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1.
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A rate lock guarantees your interest rate for a set period — typically 30, 45, or 60 days. Longer locks cost more but protect you if the process takes longer than expected.
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2.
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Lock when you're under contract and confident the deal will close. Don't lock before you have a signed purchase agreement — you're paying for protection you may not need.
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3.
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If rates drop after you lock, ask your lender about a float-down option. Some lenders offer this for a fee, allowing you to take advantage of a lower rate if the market moves in your favor.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the My Mortgage Company team any time and we'll walk you through your options. |
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